Exam 11: New Products

The HiTech company operates in the technology sector and is considering offering more customised solutions to its clients. This company is MOST likely in which stage of the product life cycle?

Test marketing is often described as a form of insurance. Explain.

The stage of the new product development process that attempts to reduce the number of ideas and identify those ideas with potential for further development is known as:

A study of 200 moderate- to- high- technology new- product launches found that the single most important success factor is:

Under which conditions should a marketer consider investing in the cost of test marketing?

A sales manager is currently involved in reviewing sales projections and cost estimates associated with several potential new products. The analysis would most accurately be described as:

List and briefly explain the stages of the new product development process.

A detailed version of a new product idea, stated in meaningful customer terms is known as a(n):

Of the five adopter groups, the innovators are the most venturesome.

Testing new consumer products in situations like those that will be faced during full scale launch takes place in test markets called:

During the introduction stage of the PLC, the innovating firm is actually "investing" in the future of the new product.

The stage of the product adoption process in which consumers consider whether trying a new product makes sense is known as:

Omega Inc. has put together a cross- functional working group to manage a new product concept from concept development through to commercialisation. The team consists of representatives from sales, marketing, production, R & D, Logistics and Human Resources. Omega Inc.'s approach to new product development is BEST described as:

An international brand marketer has decided to launch its new product in New Zealand first. Providing that the product proves to be successful in NZ, the product will be released in Malaysia before tackling Australia, Indonesia and Thailand. This process is known as:

A marketer of new shower screens with a Teflon coating that is stain resistant asks a panel of consumers, "Do you understand how the addition of Teflon will benefit you?" and "Would this type of shower closure solve a cleaning problem for you?" This marketer is in which stage of new product development?

The Alpha Corporation is just beginning to experience new competitors attempting to draw sales from its latest new product. Alpha's product is MOST likely to be entering its:

The costs associated with test marketing are relatively modest.

If a firm can afford to retain its declining product until major competitors withdraw from the market, it may enjoy several more years of satisfactory profits.

Briefly describe the role of business analysts in the product development process. What is the most difficult task faced by the marketer during business analysis?

An industrial marketer asks a select group of potential customers to agree to use the new product for a limited time. This type of test marketing is known as a: